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Tax

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In brief The semiconductor shortage is increasingly obvious, from the automotive industry to consumer electronics. In fact, the chip shortage has even been referenced as a potential matter of national security. H.R. 4346, better known as the CHIPs and Science Act (“Act”), was signed into law by President Biden on 9 August, 2022 and seeks to promote semiconductor supply chain resilience by establishing incentives to increase the production of microchips and related devices, including through…

Baker McKenzie’s Import and Trade Remedies Blog has published a new post on the United Kingdom’s Plastic Packaging Tax (“PPT”) that will take effect on 1 April 2022.  This tax will be payable by manufacturers and importers of plastic packaging containing less than 30% recycled plastic content.  Downstream businesses that buy plastic packaging on which the tax should have already been paid may be found jointly and severally liable for any unpaid tax.  With that,…

In recent years, we have seen a seismic shift globally towards offences aimed at combatting corruption, fraud, tax evasion and money laundering. The UK’s new corporate criminal offence of the failure to prevent the facilitation of tax evasion (the “CCO”), which entered into force on 30 September 2017, is yet another targeted tool being employed by the UK government and Her Majesty’s Revenue & Customs (“HMRC”) to bolster existing anti-bribery, corruption and money laundering offences.…